Question

1. In response to COVID-19 pandemic, explain 4 business sectors that will experience dramatic drop in demand, including:

a. What is needed to survive this disruptive situation from all 4 sectors,

b. Explain how will each of the sectors optimize key production factors that shall bring effect to the output.

Answer 1

Answer) I will answer the given question in following 3 parts

1. 4 business sectors that will experience dramatic drop in demand
2. What is needed to survive this disruptive situation from all 4 sectors
3. How each sectors will optimize key production factors

1. 4 business sectors that will experience dramatic drop in demand

• Aviation-One of the hardest hit sector and will continue to get hit in future till pandemic is completely over as it will have to sacrifice its capacity structure,it is not even permitted in most of the countries and with ever increasing competition it is bound to take hit.
• Film industry/Motion picture industry-Talk about cinema houses,actors,support staff and it becomes an industry with no demand or negligible demand in some countries,add to that the future looks bleak with all the restrictions and precautions.
• Hospitality and wellness industry-Fear in visiting salons is evident in so many countries,let alone services which require use of so many tools ,this fear psychosis is bound to stay with this industry becoming more of a need based industry instead of a refreshment industry.
• Tourism-Virtually an industry which is most craved but not even thinkable in these times and its future is bleak too till situation is over.

2.What is needed to survive this disruptive situation from all 4 sectors-There are certain common requirements to face this situation such as lean team force,cost cutting,differentiation,safety measures as well as well chalked out strategy.When we look at individual sectors,for aviation requirement is to offer avail anytime services at a discount,so they have continuos cashflow,for film industry especially cinema houses,they need to have a system where a plan regarding regular sanitization and few seats availability is followed so people get out of the fear,for wellness industry it is all about new processes,contactless facials may be a norm or robotic services may end up becoming a new norm,for tourism the benefit is that people are craving for trips and it can adapt by booking later trips at no extra cost,short trips so people start to experience everything again.In nutshell all these industries need to replace fear with experience in people 's minds.

3.Here when we look at different sectors,we see that there are different requirements,for Aviation industry in terms of production,it is required to produce aircrafts or facilties where safety is maintained,food and beverages would be limited so onus should be on seats which have precautions(distance),when we look at film industry,onus may be on creating sets,or sitting in cinema halls such that there is necessary distance,places which can be marked for families which can be reserved before hand only and people can feel safe,for wellness industry it has to be complete redesigning of training as well as tools which are requires minimum contact,products which can be used by customer during service themselves,for tourism industry the whole onus has to be on ensuring they procure hotel services or homestays which follows above mentioned precautions,same goes for other facilities,in this industry it will be better optimisation of procurement than production which will produce desired results.

Answer is complete.Thank you!